An Open Letter to PayPal

The transaction amount info has been deleted for our privacy sake. It is not relevant to the substance of my message to PayPal. The message from them to me when I accepted the payment is below. My complaint follows that.

If you think this is unfair I urge you to let PayPal know that we the 99% do not find these practices acceptable! Pass this on. The more people they hear from, the more likely they are to correct their behavior. Remember the strength of the rebellion against Bank of America and their practices made them shape up!!!

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Re: Transaction Details

Date: Nov 3, 2011

Time: 09:58:38 PDT

Subject:

Terry James has just sent you $140.00 CAD with PayPal

Payment type: eCheck

This eCheck payment will post to your PayPal balance once the funds have cleared from the sender's account, which usually takes 3-5 business days. (Estimated completion date: Nov 14, 2011) Please do not ship any items until the funds have cleared.

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Not So Dear PayPal;

This business of holding the pay out to me till the 14th is a crock. I have access to the Canadian account the payment was drawn from. My husband was transferring funds from our Canadian account to me to put in our US account. So I KNOW the funds left the Scotia Bank account on 10/27/11 ... well before you ever deposited it in his Paypal account on 11/3/11

So the money left Scotia Bank on 10/27/11. PayPal shows it arriving in his PayPal account on 11/3/11. He immediately sent my PayPal account a payment on 11/3/11. His PayPal account shows the payment is "pending" until 11/14/11. Why? You have had the money from Scotia, according to your own records deposited in his PayPal account since 11/3/11.

I immediately accepted the payment in my PayPal account ... and got a message telling me it is "pending" until 11/14/11 to be sure there is enough money in his account to pay me. I have TWO credit cards on file with you that I was told would help shorten transfer times. 

Excuse me?! Your own records show the money is there in his PayPal account since 11/3/11. Scotia shows the money left our checking account on 10/27!!

I understand banks use our money for their own purposes while it is moving around, but this is ridiculousness and and unconscionable withholding of our money.

Especially when, if I want to pay my bills with that money, I will have to wait ... how long?! ... for you to release it from my PayPal account to my bank after the 14th!

Shame on you PayPal for taking advantage of your customers so shamelessly!!!!! And the real kicker is that the company I work for pays via PayPal .............. I am curious to see how long you're going to hang onto that before depositing it to my US bank account!

I am posting a copy of this email everywhere I can. Blogs, FaceBook, Twitter etc, etc. Let's see how your other customers feel about this!!!!

Maryanne James